1930-03-12 — Page 11

Money and Markets

BRITAIN'S

TRADE

WITH CHINA.

SIR HARRY FOX'S REVIEW

OF 1929.

.COUNTRY'S ALLIANCE WITH

MR. MICAWBER.

Gloomy Reading.

THE HONG KONG DAILY PRESS, WEDNESDAY, MARCH 12, 1930.

NEW YORK STOCK DAILY SHARE QUOTATIONS.

HONG KONG STOCK EXCHANGE.

SHAREBROKERS" ASSOCIATION.

EXCHANGE.

A SHARP BREAK.

[UNITED PRESS.]

Bayere

Bain Ballar

Nominal

TUESDAY, MARCH 11.

Burw

New Yony, March 3 Following early erratic move menta or the New York Stock Ex change to-day, the list broke sharp- ly under a deluge of liquidation re- sulting from repeated bear, drives on the leaders, says the daily review of the Dow Jones Financial News Agency.

Westinghouse slumped six points and US. Steel, American Can and some others nearly reached the pre- vious week's levels. The close found Westinghouse at 188, down s from yesterday, U.S. Steel closed at 170 of American Cam was off to 139.

Promising A this, may be, the next few pages of the report make gloomy reading for British industry. As in almost every report issued by the Department of Overscas Trade, & lamentable parallel is drawn between the energy and Prosperity of American motor-car manufacturers and the lethargy and decline of British interests. Much of Sir Harry Fox's report is given over to advice to British traders with China, and in this connection he repeats another all too familiar In his report on economic con-exhortation--that British merchants ditions in China up to September, must pay more attention to the 1999, in which he was assisted by work of agents in the country with Mr. H. J. Brett, Sir Harry Fox, which they are dealing, must have better agents and must pay them Commercial Counsellor to the better. British trade with China is Legation at Peping), says "as Mr. still a good third to American Micawber remarked to Mrs. Mica. trade, a long way behind Japanese. In millions of thels the proportion ber, China is a very remarkable af foreign trade in 1998 was: Great country." In spite of all the dis- Rritain, 175; the British Empire turbances of civil war, in spite of minus Hong Kong), 395; Hong Kong-which throughout the report industrial unrest, lack of transport is treated separately-408: Japan, And excess of taxation, China's 549: U.S.A., 333; Russia, 318. trade was greater in the year under The ever" before. review than figures of the import trade. were undoubtedly swelled by the heavy purchases made by merchanta ansions to get goods in before the new duties came into force on February 1; but Sir Harry Fox understands that even without this artificial increase the import figures would have been larger than for the year before, and at any rate the ex- port Bgures were unaffected by it.

Since his report was written there treaties and conventiona and the has been a widespread outbreak of inuence of the Home Government civil war, which in the South is still on getting the good will of the in progress without any signs of Chinese people,, although he goes coming to an end in the near future.on to any that he does not think These disturbances may invalidate to some extent the greater hopeful ness that Sir Harry Fox finds cause to express in his report as com pared with his report in previous years. but there was civil war dur ing the greater part of the period

under review.

British Interests.

Radio Corporation showed evid- ence of acute weakness and closed at 48, off ..

Utilities Weaken.

The oils and foods followed the others while motors, mines and Trading increased and the tickers utilities weakened on the reaction. lagged, with total sales for the day of 3,715,000 shares. The pivotal issues, however, were generally sip- parted on the recessions.

There was little to account for Sir Harry Fox, considering the future of British trade with China, the reaction except pessimism over says that the Chinese people are the steel industry. Bethlehem shar at the moment ant to be distrusted the movement of U.S. Steel, ful and even hostile to all foreign-losing off 1 to 06. ers, but he believes that, at any rate among merchants and officials, the ronviction is growing that Great Britain is doing her best to give China a square dent. British merchants are beginning, he says to realize that hereafter they will

mych have to rely not BO

The Dow Jones average for 20 utilitier was off 1.47, to 100.01. Among the communications, "Ameri- can Tel. and Tel. declined 1 to 2384 and International Tel. and Tel. hung on nt 68. Columbia Gas and Electric dropped 21 to 93. Con solidated Gas of New York, was off

two ponits to 191 and Standard Gas and Electric was off 24 to 118.

Industrials Gain.

$1,375

**

நச்

4981

$785

T.180 $397

iiiiit

2014

Babes Nominal

Banki

375

81,376

H.K. Banka

$112 £16 $29

Do. (London) so;

£107

Chartered Banks ....

Mercantile Bks. “A”.

A

£34 218

·Do.

"0"

Bank of East Asia

SPE

***

Insurances

Canton Ins.

8755

#14

Underwriters

31.10 $1.40

T160

North China

Union Ins

$300

M.850 Yangtare Ins.....

$60

*

China Firth..............

$800

HK. Fires...

Shipping

FOREIGN MAILS.

RADIO NOTICES

The Radio Offer, where fall information concerning all wirelin sorriso may be obtained at all times, in situated on the ground foor of the P. & U. Building in Des Voeux Road, next to the General Post Office.

Individuals and firms are recommended to register their telegraphic ad dresses at the Radio Ofos. No charge is made for this.

It is notified for information that with" affect from 26th February, 1930, the local currency rates for radio talograms to the countries named below will be increased as shown —

Indo-Chins...

F200

Siam ...

Netherlands East Indies..

80:63

..80.00

$1.10

INWARD MAILS.

Pin

Scochow

12th Mar.

Fan Heutes

11th Mar

Malwa

18th. Mar.

Athon 11 ...

14th Mr.

..

14th Mar

14th Mar.

16th Mar, leta Mar. 17th Mar

5340 1895

824

$231

Douglasen.

$95

Steamboate

$23

Indon (pref)

$80

$70

Do. (def.)

890

SHANGHAI SWATOW..

93/6

Shell Transporta

99/6

98/.

SWATOW

Water-boats

નોન-893

Mining

$25

$101

1+4

50/m

Benquets.

-Kailans

T1ae0 Langkata (comb)

Do. (single)

T130 Exploration.............

Shanghai Loans

T.5

Raabs

Tronoh Mines

21/-

Docks, Wharves,

Godowns, sto.

H.K. Docks

18.10

..

19/3

SAISON

TJ4

MANILA

STRAIT

$150

H.K. & K. Wharis...

$152

$51

85.15

Providonta.cz

$5.40

831

$31

1.195

Shanghai Docks ....

T.120

T7,80 T-216

New Engineerings

Hoogkowa markin

T.161

T18.15

TB:

S'hai. Ctoos (oli)........

T.78

Do. (now)..

T.10

Zoong Sings

***

A gain appeared in the Dow Jones manufacturers at home pay enough average for 30 industrials, which attention to the Chinese merket, was up .33 to 152.61. Pennsylvania particularly in the matter of ad- was up to 82 but New York Cen- T18.50 Fertising (to which the Chinese have tral was off to 1841, Erie was off taken remarkably in the last year). to 594 and Northern Pacifc was One small point of Sir Harry Fox's of 1 to 021. At the close an up- advice is worth repeating here.ward movement had developed so English is still, he says, the second several" gains were shown over language and the first business yesterday, Canadian Pacific moving language of the Chinese; but with up to 2023 Rock Island gaining a the growth of a national spirit and point to close at 119 and Southern the increasing direct participation Pacific gaining 1 to 1243. of Chinese frms in foreign trade the Chinese language is becoming nore important to the foreign mer chant.

Tarif Changes,"

The chief decline appeared in the Dow Jones average for 30 indus- 97C.59. trials, which was off 2.52 General Electric was off to 761. American Rolling Mill declined, 4 to De

$12.90

T.225

$14

$64

18.30 91/2

$98

Among the motors, Willys Over $20.90 land lost 1. closing at 91. General Motors was of to 42 and Chry- sler lost to close 38.

The call money rate continued at

Cause For Hopefulness. One foundation for this hopeful ness seems to be a slight improve ment in the National Government's attitude to financial obligations- the Minister of Finance took over the direct administration of the Salt Gabelle, and its revenue was used to pay quota due tor services of Now that the Powers have re the Anglo-French, the Crisp. and cornized. China's right to complete the Hukuang Loans-but Sir Harry national tariff autonomy, it is to Fox notes that domestic loans run be expected that alterations will far more smoothly than the liquida- continue to be made in the tariff tion of foreign obligations, and new scholale. So far as he has been internal loans were from time to able to judge, the increased import; 4 per cent.

ime issued on the security of the duties of last February do not seem increased Customs revenue, regard-to Sir Hariy Fox to have pre- less of the priority of the older júdically affected the volume of foreign loans. Greater cause for imports. Although taxation and hopefulness is to be found in the ad- tariffs are inseparable in China, Sir ministration of railways and roads. Harry Fox does not consider that Mr. Sun Fo. Minister of Railways, Chinese authorities discriminate ja Kas laboured to rescue the railways their irregular, taxes against foreign from the clutches of the Tuchens, goods. Chinese produce coming and most of the main lines were by down from the interior is often Seotember running with some ap- taxed more heavily than imports, proach to regularity.

for the benefit of military chief- Railway stations are gradually tains. Eggs suffer particularly. A losing the appearance of armed new-laid egg on its way from farm cames, generala and their sub-to port paya, apparently, in addition ordinates are no longer able to to likin, Customs duty, a produce (commandeer locomotives and roll- and examination tax, a charitable

will or dislocate tax and an educational tax. ingstock at

..

traff whenever it suits their con- venience, and though, as is only naturni after the persistent mis- Chandling which locomotives and rolling-stock have been subjected -to for some years past, trains are zlow breakdowns of frequent oc- ́currence,+ and ears by no means comfortable to travel in, one can

RAW SILK.

MARKET SHOWS STEADY TENDENCY.

at least start on a railway journey Messrs Peatreath & Co. have in China to-day with some reason-forwarded us the following letter ble hare of arriving at one's dated February 10 from Messrs. destination which one, certainly Hornby, Hemelryk & Co. could not do a year ago...

Roads and Motor-Cars.

The improvement in ronds is even more marked. The Chinese neople. though anathetic as ever in the

The market continues to show n steady tendency, and values show little change..

The American cilk statistics for January compare as follows:-

Jao. Dec. Jan

1930 1929 1929 Bales Balra. Balca.

The final estimate of the 1990 eocoon erop in Japan by the Depart matter of river conservancy, audment of Agriculture shows an in denly were taken with an enthu crease of 8.8 per cent over 1928. siasm for roads and mptor-cars..

Reports from all parts of China tell of the construction of new roads under official and muni-. cipal auspices, roads which are levelling the walls and entirely Imports... 43,173 58,470 58,384 changing the free of old Chinese Consumption.. 57,683 44,150 57,310 cities, ronds running along the Stocks

*** 76,284 90,772 48,943 banks of rivers. winding in and'

The mill takings for the month out of villages, even climbing over are very satisfactory. Only in mountain panses. Some of thess August last when consumption roads are well constructed. being totalled 30,704 bales has the figure properly metalled and drained: more are bad or at least indi! of 7,683 bales been excreded,

The Japanese Government has férent, mere mud tracks which become impassable in rainy wer-officially sanctioned the Silk Syn- ther. But they will improves dicate's new scheme for the coin- time goes on, and even now they pulsory, storage of 50,000 boxes of form a network of communications silk and to prohibit thefr with in, around, and between Chinese drawal for a period of six months. towns and villages which enable the Chinese merchant and farmer to make journeys unheard of a few years ago, and so go sorce

In spite of the excellent consump- way towards compensating for the present inndeauncy of railway tion figure for January and of the transport, Ommbuses, locally coa. bullish effect of the Japan Syn- atructed on chassis imported fromdicate's intention to withdraw 20,000 abroad are making their appear boxes from the market, statistics ance all over the country, more continue bearish, which rather sug

ecially in North China.

geats further pressure, especially as Where a year or two ago private there is a stale long interest open motor cars were imported in twos in distant deliveries. And threes and trucks and chassis nossibly in flozene, raptor vehicles are now being imported into China literally in hundreds,

A strike of dress workers is taking. place in New York, and this is holding down the price of near de liveries..

Close New York Saturday:-May 84.48e., July 84,42., September 84.40 (Continued at foot of next column),

EXCHANGE RATES.

[BRITISH WIRELESS SERVICE.]

Amsterdam

Milan

Berlin

Athens

Bombay

Yokohama

Ootton Hille

Bulidings

$12.90

Lands, Hotels and

H.K. & S. Hotels

HK Lands....... 363

Shanghai Landa

H.K. Realtys

Humphrey...$14

Chinese Estates

Public Utilition

Macao do.

Lights (old)...... 919.35

Do. (comb.....

H.K. Electrics

Sandakan Lights ...

Telephones. $10

China Buses

Tractions punon

Do. (pre)--

Industrials

Caldbeck, 1(ord.).

Macgregor (pref.)

Canton Ices

FOR

****

$12.90

...

Tal

T.831

ᎢᎯ ..

18th Mar

gatb

9th Mar

.91 t⋅ Mar,

Pres. Wilson

22n1 Mar.

Pro, MoKinley ...

24th Mar.

Pres, Jeferson

28th Mar

Juth Mar.

Pr Fax Buren

5th Apr.

EUROPATIA SU (Letters & papers, Lonel don, 13th Feb, parceli, 8th Feb.)

SHAKAL & EUROPE Siberia (London, Slab February)) U.S.A. (Sestile, 2nd Feb), CANADA,

JAPAN & SHANGHAI-

MANILA

SHANGBAL

U.S.A. (San Francisco, 92nd February),

Honolulu, Japan & SHANGHAI

AUSTRALIA & MANILA

JAPAN & SHANGHAI .....

U.S.A. (San Francisco, 21st February,

HONOLULU,

JAPAN & SHANGRAI U.S.A. (Ean Francisco, 28th February),{

HONOLULU, JAPAN AND SHANGHAI U.8.A. (Seattle, Bib March), Caxana,

Japan & 8gangBAI CANADA (Victoria, B.O., 8th March

USA, HONOLULU. JAPAN & SY •RGH 1} D.8.A (8 Francisco, 7th March,

HONOLULU, Jian & ZiAMAYA

Kalyan

Pros. Toft

Imp. of Canada..... Kashima Maru ...... Pres. Jackson Aceas

Tenyo Maru

Aka Marisa Kamo Maru

Emp, of Bui

OUTWARD MAILS.

REGISTERED and PARCEL MAILS are closed 36 minutes earlier than the time given below unless otherwise stated, and where mails are advertised to close at or before sam registered and parcel mails are closed at 5 p.m. on the previous day..

Straits

8w tow...

Amoy

Straits & Caloniti

For

*M

M

Pxz

DATE & TIME

9.30 AM 2.80 FX

3.30-Ja

· 4,00 PM

4.30

Chinhua

Wing Lee.. Tasyarn... Tai Hing Wong Shek Kung

Deli Maru

Okenciu Van Heutes Helikon Hydrangea Kirei Fang

Wednesday, 19th,

8.30,1

· 880 AM

10.30 A

Bui Bang

Hal Ning...

Swatow, Amey & Foochow

Shanghai, Japan & *EUROPE vis Bibers Athos LI........

"Cements (comb.)... $14.75

Do

fold).

$114

Do

(now)...

Btraits, Ceylon, India, Mauritius, E. & 8. Africa, Aden, Egypt & EUROPE vis Marneïlles-dus Marseilles, 12th April

Kalyan

Ropes

China Sugars.......

Malabon Sugars

United Asbestos

Amusements......... 8281

H

Inickord...

--9,80 *

2.30 7 1

3,80

Friday.

14ib, Parcels Noon

i.attora

1.00

2.00 M 2.30-

Kowloon PO. Parcels

4.30 F#

|teg,15th, 9.00 x Letters 10.00 a

G.P.0. |Paz,,14th, 0.00 7 1. Bog.,15th,9.46 AM Letters 10.30 ▲ M

Saturday,

Bog. Lettera

16th

9.30 &

4.30 '

·5,0) ►x"

8.00 FX

16th,

9.00 ▲ M 9.40 AM. 9.00 AM

$20.20

Tramwaya

$20.20

811

Peak Trams (old).

$11

Hoihore ...

86.00

Do. (De).. $84

Fort Bayard

866)

Star Ferries

$68

Amoy

Samahai & Wachow

$19,39

[19.40/j00

$14.50

$14.00

Do.

Saigon ...

$23

-

8694

******

$69.25

Amoy & Formosa vis Swatow

823

Hoihow, Fakhoi & Haiphong

·841

$10

8sigoo --

T17.80

Paris

New York ....................... Brussels Седета

RUGBY, March 10.

124.23 4.58 9/32

18/3

34.805

T.10

25.115

T:10

12.194

12)

92.83

$15

20.425

$10.60

Stockholm

18.113

$1.10

MI

Copenhagen

18.162

87.85

Oslo

18.17

80,75

Vienna

34.305

$27

Prague

104)

35

Helsingfors

193

Miscellaneous

Madrid.

39.45

Liaboz

109.30

$22

Dairy Farma.

$22

375

* 80.80

Der A. Wings...........

Bucharest

816

Forchow and Fai Hai Wei Manila Amoy ***

*

Huichow... Fa. Tafi Anking

Rio

54

#28)

81.30

Constructions

81.20

Buenos Aires

491

Lane Crawfords

$3

Shangbai & Dalny

1/8 27/32

$18

Mackintoshs

Sanday,

Shanghai

1/101

2/0 11/32

$12

Binceres (old).....

Nanyang Tobacco...

34

"Silver (spot)

19 1/18

Do.

(new)

810.70 89.90

$12.20

Bangkok via Swatow Hoshow Bwatow, Amoy & Formosa

***

Kalgar Kingyuan Carlon Maru

Silver (forward)

18 15/16

$2.80 60% 54%

Wm. Powells.....

Monday, 17th,

pred.

Kashima Mara.

Pres. Jackson

10.30 AN

Parcels

300M

415 PM

3.00 x

WEEK DAYS.

SUNDAYS & HOLIDAYS

Fris. Jackson

Tai Ping

FOR

Frox G.P.0.

Fiox SEKUNGWAN Branch P.0.|

From Frox SETUNGWAN G.P.O. BRANGE

P.O.

Bwatow, Amoy and Foochow Straite, Ceylon, India, Mauritius,

&8.);

7.15 am. & 7.30 h.. 7.00 p.m. 8.00 p.m.

(5 p.m. only

(7.15 am, & [7.30 am, & 5.00.10. 7.20 p.m.

Sundays.. Bandays

7.00p.m. only

Africa, Egypt & EUROPE via Mar meilles due Marseilles, 20th April Amoy Swato

Falching

deneas

Tainan

Bag.

1,00 P. 1.45 x

[7.15 m. &

7.30

In &

(7.15 sin. & ƒ 7.30 11.15 p.m.

am... 11.80 p.m.

6.00 pm.

Sundays 8.35 Lealy

6.00p.m.

6.00pm

6.00 p.m.

6.00 pm.

Japan

7.15 am).

9,00 6.0.

7.15am. 9.00 9.00 mm).

10.

$11.00

& 4,80 p.m.

ADVICE FOR INVESTORS.

EADERS aro reminded

Rthat inquiries rointing

to the share market are answered on. page 11 every Tuesday by "Kufan." _Let- ters should be sent to this. office, and must be accom- panied by writer's name and address, not for publication. Letters should be addressed to "Kufan,"

Editor.

Canto

311 Watsons ********

B. Ind. G.8 Bonds... 60%

H.K. Govt. Loan ...| 8105))

LOCAL AND REGULAR OUTWARD MAILS.

of the

Macao & Thinaban

Kongmoon (except Baturdays) 8.00 pan.. Hanking (except Saturd Fatahan (By Train)

Burlap. According to advices from New Yark, the lower level, in sympathy Tai Fo with the decline in Calcutta. has.

Bhumchun not stimulated the demand, and operators seem to be awaiting the development of a definite price movement before making commit Cheangohow rents

Close Saturday: May 15, Aberdeen July 10, September 5.32c

Sagar Bags Cloes Saturday May 18,00, September 10.05e.

Jute Close January 31; March 6.25c., May 6.206., July 6.330.

Hemon-Close January 31; Marchi 8,04c., May 8.02., July 8.070.

Stanleygahan, Bat Autan,

Bhatin Shatankok, Shoungehul Balkung ke Nemteu, Bhekki & Tupla

(Faman)

(9,00 am. &

10.00 p

(.8.00 .. 18.00 p.m.

& 4.30 pm.

Baturdays

(12.80.p.m.

1.00 p.m. &

14,50 p.m.

8.80 2.00 pe 200

Bhanghai and Japan... Japan, Oxdada, U.S.A., C. & S. Americs)

& KUROPE is Victoris, B.O. das Victoria, B.U., 4th April...

Shanghai and EUROPE via Siberia Manila, Australia and New Zealand via) Thursday Island-due Thursday Island, 29th March

Koomar

Aks Märu..

Kamo Marui

Beg. Latton Beg *5.00% 36 Letter: 6.00

Phocol

5.00 Rep.,18th,946 A W

Laitors 10,80 AN

Tuesday, 18th,

Letters 2.30 PM

3,80 N 6,00%

Parcels

5.00

9.15 AM

1.75 p.m.

1.30 p.

Bunday 8.800.

Lonly

Shanghai, Japan, Canada, U.8.8. C. &B. America & EUROPE vin Van- couver, B.O-due Vancouver, B.O., 4th April, & Europe via Biberis

Strkite

Falshing Emp. of Canada Wednesday 19th,

Reg. Latters 10,00 € μ'

Thursday, 20th,

10.89

[Friday, gist, AC

9.30 AM- Kowloon P.O.

4,30 P = Reg.

Le1.22nd, 9.00 4 m A G.P.O.NE Reg 22nd 8.46 Lektors 9,80‘a se

Monday, 24th,

Tuesday.

1,30 i x

25th

Monday, 81st,

Stralia, Ceylon, India, Manritics, East)

& Bouth Africa, Egypt & Europe vin Marseilleasedne Marssilles, 20th April)

Sandakan

8.30 B 100p.m

10.80a.m.

Amby

Manila

4.80 p.m.

4.30 p

fawang

Emp of Eustia

Bapararited correspondence only"